Market Research Tips for Beginners/ Startup Founders
What is the code for a successful startup or an idea and which is the most effective and foremost activity which serves the base for all information base, innovations and decisions in an organization? Answer is not that difficult, Its Market research; actually Market research is the only source for gathering all the latest external information at large which in return gives the purpose to all the activities going around in the present and coming in the future. No manager or an entrepreneur could ever took any key decision with the guesswork, obviously there is some calculations involved in the market potential and forecasts reports otherwise nobody would risks the money involved (P.S. Everyone loves money). Still some ideas don’t get the success or very weak response after being investing much time and money on the research. Market research matters, when done correctly, you gain decision-making power. If done incorrectly, it could end up costing your company millions.
For an entrepreneur or a business it’s the tool for spotting trends, validator of ideas and the base for innovation. I also as a budding entrepreneur had chance to do market research for an idea for which I and other partners have tried different tools, techniques and sources for that. So, I think I can share our experiences with you to get some advantage when you do it for yours. Though we are not experts, here are our learnings from our market research efforts.
The objective of the market research study or the thesis should be clearly defined and precisely mention the main and sub points to fulfill the purpose in the exact manner. The target group/ audience must be defined at this stage so as to design the questions and the direction of the research to be done.
Test your questionnaire before finalizing it by practicing it with your friends and peers, use their feedback to make changes in. Respondents recruitment sheet and criteria must be prepared according to the target group chosen.
Choose the tool as online and offline media to conduct the research which suits best to the target audience. Try to use both if it satisfies the conditions and criteria, It will give wide and deep understanding of the market.
Make respondents feel relaxed and comfortable during the interview. The questions must be open ended and asked in the logical order. Don’t assume anything, ask questions for it.
Always keep the notebook handy and record responses and notes you are observing, note down small details relevant to your project. Take pictures of the people and objects to make reference afterwards (ask for permission before taking pictures).
Put all the data in one place and try to categorize the similar points in one header; try to correlate if the data is highly scattered. Come with clearly defined, grouped sub heads which are proper structured and organized to make it easy to share and understand to other team members.
Use visual representation techniques such as charts, bar graphs and pie charts to show the relation between key variables and make it more of the data in tabular form. Bring out the emerging trends from the data and brainstorm to gain the different perspectives on the data.
Using these techniques and tools we did our research for a travel platform. Though our target audience was very specific (22 to 30 years) we did our research offline in various places in Delhi. These are the certain tips to follow for your market research study, you can tweak and adopt the process as you feel comfortable to go, you will learn during the process. This is it for now, I ll bring more learnings from our journey to make our idea work, stay tuned. You can reach out to me at firstname.lastname@example.org or follow me on _gurugaurav twitter.